Time Warner today rejected an $80B merger proposal from Rupert Murdoch's Twenty-First Century Fox, saying the transaction posed "significant risk and uncertainty" about the valuation of its non-voting stock and ability to manage the size and scale of the combined entity.

The company claims its strategic plan and "industry-leading businesses" would provide a superior long-term value to shareholders than a potential merger with 21st Century Fox.

Management cited its ability to "unlock value in related businesses" including the spin-offs of AOL, Time Warner Cable and Time Inc.

News Corp's 21st Century Fox confirmed it made a formal offer last month that was declined by TW's board. It is not currently engaged in discussions with TW.